Cupet

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Cupet (Cubapetroleo) is Cuba's state oil company. The company is involved in the extraction of petroleum deposits, refining, and distributing petroleum products. In conjunction with the conglomerate Cimex, it operates a chain of filling stations selling gasoline in convertible pesos.

The extraction is based in Cuba's northern region of La Habana Province. Cupet jointly produce oil on the island having agreements with the People's Republic Of China, Spanish oil company Repsol and Canada's Sherritt International, amongst others.

Cuba produces around 80,000 barrels per day of heavy crude oil. Various companies have explored for oil in Cuba over the last 15 years with the only new discoveries along the northwest heavy oil belt, an 80 mile (128 km) stretch of coast in La Habana and Matanzas provinces. Cuba consumes about 150,000 bpd, of which 53,000 bpd of oil and oil products are imported from Venezuela on generous financing terms under a wide-raging cooperation accord.

[edit] See also

• Economy of Cuba
• Foreign relations of Cuba

[edit] References

• Environment - Cuba